Contract Extension with Leading CRO
22/12/2022 07:00
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RNS Number : 5432K Instem plc 22 December 2022
Instem plc
("Instem", the "Group" or the "Company")
Contract Extension with Leading CRO
Instem plc (AIM: INS), a leading provider of IT solutions to the global life
sciences market, announces that it has entered into a contract extension worth
c.$1.4m for over 900 additional users of the Group's Provantis non-clinical
study management platform with an existing leading publicly traded global
contract research organisation ("CRO" or "Client"). As a result, the CRO will
now have c. 7,400 Provantis users.
The contract value comprises c.$1.2m of mainly perpetual license revenue and a
small amount of historically accumulated, directly associated annual support
revenue, which will be recognised in 2022, with recurring annual support fees
of c.$0.2m to be recognised from FY2023 onwards.
The significantly expanded number of users of the Provantis platform will help
the Client to meet demand for its non-clinical study services, which continue
to grow across the pharmaceutical, biotech and agrochemical markets.
This is another significant contract for the Company and will help to underpin
management expectations for the current and future years.
Phil Reason, Instem Chief Executive, commented: "We are delighted to have
further strengthened our long-standing relationship with the Client. This
endorsement further highlights the strength of our offering, sector standing
and the buoyant industry demand for non-clinical studies, which has generated
software license growth from many of our CRO clients."
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014.
For further information, please contact:
Instem plc Via Walbrook
Phil Reason, CEO
Nigel Goldsmith, CFO
Singer Capital Markets (Nominated Adviser & Broker) +44 (0) 20 7496 3000
Peter Steel
Alex Bond
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0) 20 7710 7600
Ben Maddison
Alex Price
Richard Short
Walbrook Financial PR +44 (0) 20 7933 8780
Tom Cooper instem@walbrookpr.com
Nick Rome
About Instem
Instem is a leading provider of IT solutions & services to the life
sciences market delivering compelling solutions for Study Management,
Regulatory Submissions, Clinical Trial Acceleration, and Informatics-based
Insight Generation.
Instem solutions are in use by over 700 customers worldwide, including all of
the largest 25 pharmaceutical companies, enabling clients to bring life
enhancing products to market faster. Instem's portfolio of software solutions
increases client productivity by automating study-related processes while
offering the unique ability to generate new knowledge through the extraction
and harmonisation of actionable scientific information.
Instem products and services address aspects of the entire drug development
value chain, from discovery through to market launch. Management estimate that
over 50% of all drugs on the market have been through some part of Instem's
platform during their development.
To learn more about Instem solutions and its mission, please
visit www.instem.com (http://www.instem.com/)
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